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(1)Subject to subsections (3) and (8) below, subsection (2) below applies where—
(a)section 83 above applies as regards the trustees of a settlement,
(b)after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that section 88(1) of the [1981 c. 35.] Finance Act 1981 prevents section 58(1) of the Capital Gains Tax Act 1979 applying, and
(c)the interest was created for his benefit, or he otherwise acquired it, before the relevant time.
(2)For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having—
(a)disposed of it immediately before the relevant time, and
(b)immediately reacquired it,
at its market value at that time.
(3)Subsection (2) above shall not apply if section 86 above applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell before the time when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it.
(4)Subsection (6) below applies where—
(a)section 83 above applies as regards the trustees of a settlement,
(b)after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that section 88(1) of the Finance Act 1981 prevents section 58(1) of the Capital Gains Tax Act 1979 applying,
(c)the interest was created for his benefit, or he otherwise acquired it, before the relevant time, and
(d)section 86 above applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell in the relevant period.
(5)The relevant period is the period which—
(a)begins when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it, and
(b)ends with the relevant time.
(6)For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having—
(a)disposed of it immediately before the time found under subsection (7) below, and
(b)immediately reacquired it,
at its market value at that time.
(7)The time is—
(a)the time concerned (where there is only one such time), or
(b)the earliest time concerned (where there is more than one because section 86 above applied more than once).
(8)Subsection (2) above shall not apply where subsection (6) above applies.
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